Do I have to sign re boyfriend's mortgage?

Petal*

Hi - my boyfriend's house purchase seems to be going well and there's a chance all will be done by Xmas. He's buying it himself as my credit history is screwed from my ex husband defaulting on our joint mortgage.

Will my boyfriend's mortgage company want to know if there'll be someone else living in the new house? And if so, will I need to sign anything? I don't want my credit history to impact him but we vaguely recall hearing something about me needing to sign to confirm I know I'll be homeless if he defaults and gets kicked out.

Thanks
Petal

opinions4u

Will my boyfriend's mortgage company want to know if there'll be someone else living in the new house?

Yes.

And if so, will I need to sign anything?

Yes.

I don't want my credit history to impact him but we vaguely recall hearing something about me needing to sign to confirm I know I'll be homeless if he defaults and gets kicked out.

The document is not so that they can credit check you. It is so that they can kick you out if he doesn't pay.

Petal*

Thanks for the quick reply :-) you've put my mind at rest!

GMS

It will be a Deed of Consent you will need to sign.

Anybody over 17 not party to a mortgage but residing at the property would need to sign one.

As has been said it means you understand you have no rights if the lender needed to take possession.

Standard practice. Nothing to worry about.

getmore4less

GMS wrote: »

It will be a Deed of Consent you will need to sign.

Anybody over 17 not party to a mortgage but residing at the property would need to sign one.

As has been said it means you understand you have no rights if the lender needed to take possession.

Standard practice. Nothing to worry about.

Not that ists generaly a issue to sign anyway but more of a follow up question.
Do mortgage contracts normaly have the requirement to notify is anyone does subsiquently become resident and not a paying lodger.
(I could dig out our T&C's to see what it says but I don't recall this from previous reads.)

If not then at purchase there is no one else living in the property, can't you just move in later, which is a failry common senraio anyway.

Conrad

I have had lenders turn down a case where they find out the nthird party occupier had bad credit. The reason given was that the third party may have an effect on the conduct of the new household expenses and mortgage. They are not interested in digging into your background to find out who was responsible for the ex mortgage being late.

I wouldn't worry too much, but just wanted to warn you it does happen. Particularly with small Building Societies.

josievg

Some lenders will credit search someone named as 'partner' even if they are not taking the mortgage. If this is the case it will say so in the smallprint of the T&C of the mortgage application. Which lender is he using?

magpiecottage

josievg wrote: »

Some lenders will credit search someone named as 'partner' even if they are not taking the mortgage. If this is the case it will say so in the smallprint of the T&C of the mortgage application. Which lender is he using?

They can only do that if the person they search on consents to it.